Private individuals who do not have a regular income not only have a hard time in everyday life, they also face special requirements when borrowing. Numerous banks and savings banks categorically reject borrowers without their own income, as do people with a negative Credit Bureau.
However, the search for a loan without your own income is not hopeless, as numerous banks have changed their criteria for lending and, as a result, also lend to people with a restricted credit rating. Finding a loan without your own income is not necessarily easy, which is why borrowers should not refrain from comparing several offers on the Internet with the help of a loan calculator. Financial portals on the Internet provide a credit calculator for independent comparison, which enables an objective comparison of several offers.
Securing credit without your own income on acceptable terms – not impossible
Even borrowers without their own income can secure very acceptable interest rates. The social income provides the borrower with limited financial resources in the form of unemployment benefit 1 or unemployment benefit 2. However, if you can convince with a positive Credit Bureau and also have additional loan collateral, you can hope for a loan approval. If you have no income, you should try to use a guarantor who guarantees the successful repayment of the loan.
A guarantee is characterized by the fact that a third person appears as a contractual partner and guarantees the repayment of the borrower. If a loan default occurs, the citizen is jointly and severally liable for the borrower, so that the bank has virtually no risk if the guarantor meets the credit institution’s creditworthiness requirements. If you want to take out a loan without your own income, you should always choose a short term and a low loan amount.
By choosing a short term and a low loan amount, the borrower can reduce the risk for the bank and make a decisive contribution to ensuring that the bank makes a loan commitment despite the difficult conditions. Low loan amounts and short terms contribute to a lower capital commitment for the bank and at the same time reduce the credit default risk.
Find the best loan offers without your own income
By using a loan calculator, people without their own income can compare several offers in terms of individual key data. In addition to the income, the term, loan amount, usage, etc. can also be specified exactly and the search for loans can be significantly restricted in this way. In this way, even borrowers without their own income can secure the best individual offer.